BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Buys 83,648 Shares of Newmont Co. (NYSE:NEM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Newmont Co. (NYSE:NEM) by 61.3% in the second quarter, Holdings Channel.com reports. The fund owned 220,190 shares of the basic materials company’s stock after acquiring an additional 83,648 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Newmont were worth $9,219,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. American International Group Inc. raised its holdings in Newmont by 24.8% during the 4th quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock worth $12,116,000 after purchasing an additional 58,217 shares during the last quarter. Premier Fund Managers Ltd acquired a new position in Newmont in the fourth quarter valued at $1,276,000. Virtu Financial LLC bought a new stake in Newmont during the fourth quarter valued at $3,313,000. Oppenheimer & Co. Inc. grew its holdings in Newmont by 26.8% during the 4th quarter. Oppenheimer & Co. Inc. now owns 184,604 shares of the basic materials company’s stock worth $7,641,000 after acquiring an additional 39,053 shares during the period. Finally, GLOBALT Investments LLC GA bought a new position in shares of Newmont in the 4th quarter worth about $2,570,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on NEM shares. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and raised their target price for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. BMO Capital Markets raised their price objective on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. downgraded shares of Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Thursday, August 29th. Finally, Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.62.

Newmont Price Performance

NEM opened at $55.26 on Thursday. The firm has a market cap of $63.41 billion, a P/E ratio of -20.70, a PEG ratio of 0.47 and a beta of 0.49. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $56.30. The firm has a 50-day moving average of $50.40 and a 200 day moving average of $43.91.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. During the same quarter last year, the business posted $0.33 EPS. Newmont’s quarterly revenue was up 64.1% compared to the same quarter last year. On average, research analysts expect that Newmont Co. will post 2.88 EPS for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.81%. Newmont’s dividend payout ratio is presently -37.45%.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the transaction, the chief executive officer now directly owns 331,469 shares in the company, valued at $13,964,788.97. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,000 shares of company stock worth $2,744,700. 0.06% of the stock is owned by company insiders.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.